New Report Examines Impacts of Mortgage Stress Tests on Canadian Economy and Housing Market

New Report Examines Impacts of Mortgage Stress Tests on Canadian Economy and Housing Market A new report authored by Mortgage Professionals Canada (MPC) Chief Economist Will Dunning conducts a deep dive on the impacts of the recent introduction of a stress test on both insured and uninsured mortgages in Canada.

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The stress tests most mortgage applicants in Canada face are defective – but rather than scrapping them, policymakers should make changes. That’s the overall message economist Will Dunning is sending to Ottawa by way of a new report written for lending-industry group Mortgage Professionals Canada.

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Those are among the findings of Mortgage Professionals Canada’s newly released Report on the Housing and Mortgage Market in Canada. ".the cumulative impact of rising rates, a 2% or greater stress test, provincial government rules in Ontario and British Columbia, and further lending restrictions are negatively suppressing housing activity, not just in Toronto and Vancouver, but throughout the country," said Paul Taylor, President

 · ”At two percentage points above the actual contracted rates, the stress tests on insured and uninsured mortgages are causing serious and undue negative impacts to the Canadian economy and to the housing market,” said Paul Taylor, president and CEO of Mortgage Professionals Canada.

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Stop blaming mortgage stress tests for killing the housing market. Housing is a pillar of the economy, the argument goes. Constraining it hurts us all if the result is an economic slowdown. An RBC Economics report from a year ago said 5 per cent of the economy is highly exposed to a sales slump in housing.

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According to a recent report from Mortgage Professionals Canada, about 100,000 Canadians have been prevented from buying a home by the new stress. economy” might change investor strategy for.

"Report on the Housing and Mortgage Market in Canada" Page 1 Table of Contents. Page 1.0 Introduction and summary 3 consumer sentiment 3 Attitudes Towards the Mortgage Stress Tests 5 housing market trends 6 The Stress Tests Use the wrong interest rate 7 About Mortgage Professionals Canada 9 About the Author 9

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Mortgage Professionals Canada have recently released a study meant to estimate the usefulness, or harm, of stress test policy. MPC looked at the percentage of home buyers whose buying capabilities would be affected by the stress test impact. They used a simulation to see how many high ratio buyers would be able to qualify at 4.64%.